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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: lrrp who wrote (1515)	7/11/1998 11:42:00 AM
From: Math Junkie	Respond to of 3813

The P/E range for the last five years is 0.5 to 89. I got this from E*Trade, but it is only available if you have an account there. (The info appears to be from Baseline.com, but they appear to require a subscription.) I wouldn't be surprised if eSchwab had it, too.

To: lrrp who wrote (1515)	7/11/1998 12:49:00 PM
From: Alan Gallaspy	Respond to of 3813

Here is a link to some historical data for NVLS wsrn.com Hope this is what you were looking for. Looks like Novellus has had a p/e ranging from 9.5 to 41 for those years in which there were positive earnings.

To: lrrp who wrote (1515)	7/11/1998 1:50:00 PM
From: Tom Barnum	Respond to of 3813

PE Range (lo-hi) '93 27-89 '94 18-41 '95 11-25 '96 5-13 '97 9-33 '98 12-24 I remember '96 well. The whole semi sector was completely out of favor. The earnings projections at the time were all OK. Earnings for Novellus were projected to go down a bit (which they did), but nobody was projecting that they would lose money. Also, the long-term consensus at that time seemed remain very positive, even at the low point. However, the focus seemed to shift from valuing the company based on future performance to current performance. To sum up, Novellus dropped to a PE of 5 even though it remained profitable and was expected to remain profitable. It could happen again. Maybe not quite that low, but a PE of 10 is not out of the question. With the market focused on short term performance, I think that many were reluctant to buy into NVLS because they thought they could do better elsewhere in the short term. I think the stage is set for another similar scenario, with all the interest focused on large-cap stocks that are performing well. Until this plays out, and investors return to looking for long-term value, NVLS could become an even better bargain over the next three months.